Fall is in the air, and like kids are getting ready for school, the idea of getting down to business, sharpening those pencils, and taking stock in our finances comes with the season. This month's Seniors and Money newsletter focus is on planning. We hope you find a lot of good nuggets of information and additional ways to squirrel those nuts. Ok, bad pun. But all bad puns aside, know we are here to help you navigate your retirement.
A few "Mark your Calendar" events we have coming up: September 28th "Tools to Safeguard Your Identity for Seniors" at LIR October 19th "Living on Social Security - How to Budget" at LIR November 9th "Holiday Crunch - How to Save and Budget Holiday Spending" at LIR visit nwtc.edu/LIR for more information
Also, join us at the Virtual Door County YMCA Community Healthy Living Fair sponsored by Door County Medical Center this coming October 25th-29th and at the ADRC Kewaunee Fair on October 7th in Luxemburg.
Happy Fall everyone!
Leslie Boden
Director
How To Boost Your Retirement Income
By : Bob Sullivan, Benjamin Curry
"There are two ways to ease your fears: Make the most of the dollars you have or figure out how to make more dollars. We’ll discuss both strategies, but one big takeaway is that the new remote work culture that has sprung up in response to the Covid-19 pandemic offers plenty of opportunities to generate more part-time income during your golden years." Excerpt from Article
Offers a basic yet comprehensive picture of what older adults can do to improve their savings quickly without pushing off their retirement.
The first half of the book also includes worksheets and forms that you can use to create a more personalized picture of what saving looks like for you and your family.
Remarried With Children? 5 Estate Planning Mistakes to Avoid
Couples on their second marriages need to plan carefully for each other and their kids
by John Waggoner
Most people mean well: They want their spouse to inherit their possessions when they die, and their heirs to split what's left when the spouse dies. And they want everyone, including their children and their spouse's children, to be happy. No one wants a brawl to break out when the will is read. Here are five ways to prevent that.
Seniors in America are carrying more debt than ever before, and the trend is worsening the ongoing retirement crisis.
How much money are we talking about? A 2019 Congressional Research Service report found that the percentage of elderly households—those led by people aged 65 and older—with any type of debt increased from 38% in 1989 to 61% in 2016. The amount owed jumped from about $7,500 to more than $31,000 (2016 dollars).
People who carry debt into retirement, especially credit card debt, confront more stress and report a lower quality of life than those who do not. Meanwhile, older Americans who own their homes outright—instead of renting or continuing mortgage payments—have a much easier time staying on top of their finances and making ends meet.
